Nigeria’s stock market has recorded a major first as the Dangote Refinery opens its shares to public investors.
Aliko Dangote officially launched the refinery’s Initial Public Offering on Monday at the Nigerian Exchange in Lagos.
The move gives Nigerians a chance to buy into the country’s biggest privately owned energy project.
The Dangote Refinery IPO offers 4.1 billion new ordinary shares at N525 each Investors can start with at least 10 shares, costing N5,250.
The offer is expected to raise about N2.15 trillion if fully subscribed, the IPO will remain open until October 13, according to the offer terms.
Dangote marked the launch by sounding the NGX gong, formally opening the offer to investors.
The refinery is also the first oil refinery to be listed on Nigeria’s stock market.
The development comes after months of anticipation surrounding the $20 billion project.
Earlier in September, Dangote said the refinery would open its IPO within 10 to 12 days.
The refinery had also secured a $400 million underwriting commitment before the public offer.
Marob Strategies and Consulting DIFC Ltd. and Lilium Capital Group provided the commitment.
Investors can access the offer through approved banks, fintech firms and mobile operators.
The listing could also have a major impact on Dangote’s personal wealth.
Bloomberg estimates his fortune could rise from $35.3 billion to about $58.2 billion after the IPO.
For Nigerians, the Dangote Refinery IPO could become one of the country’s biggest investment opportunities.
